Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________ FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ . Commission File Number: 1-14829 Securities registered pursuant ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ . Commission File Number: 1-14829 Molson Coors Beverage ...

Financial Performance - Net sales for Q2 2021 reached $2,939.4 million, a 17.4% increase from $2,503.4 million in Q2 2020[19] - Gross profit for the first half of 2021 was $2,002.5 million, up 19.8% from $1,670.6 million in the same period last year[19] - Net income attributable to Molson Coors Beverage Company for Q2 2021 was $388.6 million, compared to $195.0 million in Q2 2020, representing a 99.5% increase[19] - The company reported a comprehensive income of $395.9 million for Q2 2021, compared to $310.7 million in Q2 2020, reflecting a 27.4% increase[21] - Operating income for the first half of 2021 was $758.0 million, significantly higher than $365.5 million in the same period of 2020[19] - The net income including noncontrolling interests for the six months ended June 30, 2021, was $390.3 million, compared to $81.8 million for the same period in 2020, indicating a significant increase[32] Cash and Assets - Cash and cash equivalents increased to $1,308.9 million as of June 30, 2021, up from $770.1 million at the end of 2020[24] - Total assets grew to $28,519.9 million as of June 30, 2021, compared to $27,331.1 million at the end of 2020, marking a 4.4% increase[24] - As of June 30, 2021, total stockholders' equity for Molson Coors Beverage Company was $13,236.4 million, reflecting a slight decrease from $13,268.0 million as of June 30, 2020[32] Liabilities and Debt - The company’s total liabilities increased to $15,283.5 million as of June 30, 2021, compared to $14,709.8 million at the end of 2020[24] - Long-term debt as of June 30, 2021, totaled $8,210.5 million, a slight decrease from $8,214.3 million as of December 31, 2020[94] - The maximum leverage ratio as of June 30, 2021, was 4.75x net debt to EBITDA, with the company in compliance with all debt covenants[99] Segment Performance - North America segment net sales for Q2 2021 were $2,422.4 million, compared to $2,200.2 million in Q2 2020, reflecting a growth of 10.1%[60] - The Europe segment reported net sales of $520.5 million in Q2 2021, a significant increase from $307.1 million in Q2 2020, marking a 69.5% rise[60] - In North America, income before income taxes increased by 4.1% to $428.2 million in Q2 2021, compared to $411.5 million in the prior year, driven by net pricing increases and cost savings[151] - In Europe, income before income taxes rose to $47.4 million in Q2 2021, compared to a loss of $11.0 million in the prior year, primarily due to higher financial volumes from the re-opening of the on-premise channel[151] Operational Challenges - The company incurred one-time costs of $2.7 million related to a cybersecurity incident during the first half of 2021[40] - The company continues to monitor the impacts of the coronavirus pandemic on operations and customer liquidity, which may affect future financial performance[41] - The company experienced a systems outage due to a cybersecurity incident in March 2021, causing delays and disruptions to operations[165] Shareholder Returns - The company declared dividends of $0.57 per share, totaling $123.8 million for the six months ended June 30, 2020[32] - The company suspended regular quarterly dividends from Q2 2020 to Q2 2021, with dividends reinstated in Q3 2021[47] Cost and Expenses - Marketing, general and administrative expenses rose by 26.5% to $537.8 million in Q2 2021, reflecting increased investment in innovation brands[164] - Cost of goods sold per hectoliter in local currency increased by 7.2% and 7.1% for the three and six months ended June 30, 2021, respectively, primarily due to cost inflation and higher transportation costs[177] Taxation - The effective tax rate decreased to 25% for the three months ended June 30, 2021, down from 51% in the same period of 2020, primarily due to a decrease in net discrete tax expense[75] - The company recognized $38.5 million of net discrete tax expense through the second quarter of 2021, significantly lower than the $121.7 million recognized in the same period of 2020[75] Future Outlook - The company continues to monitor the impacts of the coronavirus pandemic on its indefinite-lived intangible assets, particularly the Staropramen brand, which is considered at risk of future impairment[88][89] - The company expects to incur additional restructuring-related charges or adjustments in the future, although the amounts cannot be estimated at this time[72]

Financial Performance - Net sales for the three months ended March 31, 2021, were $1,898.4 million, a decrease of 13.7% compared to $2,102.8 million for the same period in 2020[20]. - Gross profit increased to $731.0 million, up 17.3% from $623.8 million year-over-year[20]. - Operating income for the first quarter of 2021 was $177.2 million, compared to an operating loss of $92.5 million in the same quarter of 2020[20]. - Net income attributable to Molson Coors Beverage Company was $84.1 million, a significant improvement from a net loss of $117.0 million in Q1 2020[20]. - Comprehensive income for the three months ended March 31, 2021, was $206.5 million, compared to a comprehensive loss of $616.1 million in the prior year[21]. - Consolidated net sales for Q1 2021 were $1,898.4 million, a decrease of 9.67% from $2,102.8 million in Q1 2020[52]. - Consolidated income before income taxes for Q1 2021 was $126.3 million, compared to a loss of $158.7 million in Q1 2020, marking a significant turnaround[52]. - The North America segment saw income before income taxes increase by 89.2% to $144.2 million in Q1 2021, compared to $76.2 million in the prior year[135]. - The Europe segment reported a loss before income taxes of $89.4 million in Q1 2021, an increase from a loss of $76.8 million in the prior year, primarily due to lower financial volumes from on-premise closures[136]. Cash Flow and Liquidity - Cash and cash equivalents decreased to $532.7 million from $770.1 million at the end of 2020, reflecting a net decrease of $230.5 million during the quarter[26]. - The company reported a net cash used in operating activities of $190.9 million for the first quarter of 2021, compared to $18.1 million used in the same period of 2020[26]. - The company did not pay dividends in the first quarter of 2021, a significant change from $123.4 million paid in Q1 2020[26]. - As of March 31, 2021, the company had a net positive cash position of $36.1 million, down from $92.7 million as of December 31, 2020[84]. - The company maintains a $1.5 billion revolving credit facility, with no borrowings drawn as of March 31, 2021[86]. - The maximum leverage ratio as of March 31, 2021, was 5.25x net debt to EBITDA, with planned reductions in subsequent quarters[194]. Assets and Liabilities - Total assets as of March 31, 2021, were $27,163.6 million, slightly down from $27,331.1 million at the end of 2020[24]. - Total liabilities decreased to $14,329.6 million from $14,709.8 million at the end of the previous year[24]. - As of March 31, 2021, total stockholders' equity was $12,834.0 million, a decrease from $12,946.0 million as of December 31, 2020, reflecting a decline of approximately 0.9%[28]. - As of March 31, 2021, total long-term debt amounted to $7,181.2 million, a slight decrease from $7,208.2 million as of December 31, 2020[82]. - The fair value of the company's outstanding long-term debt was approximately $8.6 billion as of March 31, 2021, a decrease from $9.1 billion as of December 31, 2020[85]. Operational Challenges - The company incurred incremental one-time costs of $2.0 million related to a cybersecurity incident in the first quarter of 2021, impacting production and shipments[34]. - The coronavirus pandemic is expected to continue having a material impact on the company's financial results in 2021 and possibly beyond[35]. - The company continues to monitor the impacts of the coronavirus pandemic on its business and the potential implications for its financial results[81]. - The company experienced a systems outage in March 2021 due to a cybersecurity incident, causing delays in production and shipments[147]. Segment Performance - North America segment net sales decreased to $1,692.0 million in Q1 2021 from $1,789.7 million in Q1 2020, a decline of 5.44%[52]. - Europe segment net sales fell to $206.9 million in Q1 2021 from $317.6 million in Q1 2020, a decrease of 34.83%[52]. - Brand volume in North America decreased by 6.7% and financial volume declined by 9.4% for the three months ended March 31, 2021, attributed to on-premise restrictions and operational disruptions[156]. - Europe brand volume decreased by 17.0% and financial volume declined by 22.0% for the three months ended March 31, 2021, primarily due to on-premise restrictions[167]. Future Outlook - The company anticipates 2021 to be a year of top-line growth and investment despite challenges from the Texas winter storm and cybersecurity incidents[213]. - The revitalization plan initiated in October 2019 aims to drive long-term sustainable success, with charges related to restructuring activities expected to continue through fiscal year 2021[41]. - The company plans to expand the Yuengling brand into Texas in the fall of 2021 as part of a new joint venture[218].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________ FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ . Commission File Number: 1-14829 Molson Coors Beverage Company ...